How to Manage a Rental Property Remotely
Many people around the globe decide to invest in a property that’s out of town or country. If that is the case with you, that means that you should learn how to manage such property remotely. Besides being a great investment that brings you money, being a rental property owner also holds responsibilities. You, as the owner should make sure that your property is safe and secure as well as maintained well to ensure its longevity.
First things first, you need to ensure that your property is safe and secured. Then, you should consider installing a smart lock - more on that later. Before you rent your property to someone, you should screen them to avoid troublesome tenants who can potentially destroy your property. Modern times allow us to manage payments online, so use this possibility. To be on top of things, you should keep lines of communication open at all times. Keep reading to learn about the best ways to manage a remote rental property in more detail.
Ensure the property is safe and secured
After you’ve purchased a property, the first thing you should do is ensure it’s safe and secured. This is a top priority, especially if you’re managing a remote rental property. It’s better to invest in a security system than to risk potential security breaches. You’ll be at peace when you know that your property is safe from unauthorized entries. Also, it puts your tenants at ease. When you install such a security system, you can also use it to monitor your property when it’s vacant. Modern security systems are quite popular for several reasons. They come with video cameras and smart keyless locks, which you can easily change with every tenant. There is no need for changing locks and copying keys for every new tenant.
Consider installing a smart lock
We already briefly mentioned smart locks in the beginning. Let’s see what they really are about. Besides the obvious, these handy locks provide us with many useful possibilities. They are especially handy when it comes to showing your remote property to potential interested tenants. For instance, if you own a property in Burwood or some other part of Sydney and you’d like to rent it, but you live in Perth, a smart lock can come in handy. You can look at a smart lock as a tool for your perfect property management in Burwood. How come, you wonder? Well, simply by allowing prospective tenants to view the property in a safe way, without you or anyone else being present.
Screen the tenants
There are all kinds of terrible tenants, some would even refer to them as ‘tenants from hell.’ How do you avoid such tenants and the unnecessary trouble they can bring you? Well, simply by incorporating a mandatory screening process before signing the rental contract. Tenant verification is actually a background check. You should look at their criminal record and income to ensure they fit your standard. If you skip this step, you risk potential legal issues troublesome tenants can cause. They can even cause huge monetary losses. You can also check credits as well as their rental history.
Manage payments online
The highly tech-driven world we live in today has enabled us to do many things online. One of those things is doing payments online, regardless of where in the world we live. So, what you should do is get familiar with the most optimal ways to do that and implement such a system. This can be a great way to collect rent without travelling and letting monthly rent pile up.
Keep lines of communication open
To always be on top of things, you should keep lines of communication open at all times. You can set some automated messages or emails to be sent out in a certain period of the month. These can be some maintenance or due rental payment reminders. You can even set up a welcome message. Try to develop a good relationship with your tenants - that will ensure they let you know about everything that’s happening.
Investing in a remote property can bring you a lot of benefits, but only if you learn to manage it properly remotely. To do that, you need to become your own property manager.